The world’s biggest flavors and fragrances manufacturer is hoping to secure business from smaller, regional customers to mitigate a slowdown in demand from the FMCG giants, according to a report published by Reuters.
“Going forward, it’s really about continuing to compensate with local and regional clients the slowdown with large clients,” Givaudan CEO Gilles Andrier told Reuters.
Givaudan, who confounded analysts expectations by reporting an 11 percent rise in net profit for the first half of 2015, will reveal its strategy for the next five years in late August.
The company’s fragrance division, however, reported disappointing sales for the first half of 2015, achieving growth only thanks to the solid performance of recently acquired Soliance. All product categories declined but the specialties business was the least impacted.